A. A community development program nonreverting fund is established to accept repayments of loans which originated from grants awarded to the city from the Indiana Department of Commerce through the small cities community development block grant program and from subsequent loans the city has made from the economic development loan program, further to accept moneys from any and all other sources directed to this fund, appropriations or proceeds from appropriations by any government body, fees, donations, gifts, settlements and awards, refunds, service agreements, proceeds from the sale of property, interest on investments from money originating or deposited in this fund, program or project income, recaptured funds, and from all other miscellaneous sources which might be either directly or indirectly related to the purposes of this fund.
B. The community development program nonreverting fund shall be used to make loans and grants to maintain and enhance the quality of life for the residents of the city; for administration and monitoring activities necessary to properly maintain the fund; and for administration and monitoring activities associated with the economic development loan program.
C. All fiscal records shall be maintained by the clerk-treasurer pursuant to all applicable state and federal laws. All loan and grant activities shall be maintained as separate accounts within the community development program nonreverting fund.
D. The funds shall be administered by the department of community development of the city, and all expenditures from the community development program nonreverting fund shall be approved by the board of public works and safety.
E. Grants and loans awarded from this fund shall be approved by the board of public works and safety.
F. Money deposited in this fund, earned as interest, recaptured through grant or program activity, or otherwise accumulated in this fund shall not revert to the general fund and shall not be subject to annual appropriation by the city. (Ord. 93-19, 1993)